State Grid to continue overseas investment

State Grid Corporation of China, the country's largest grid operator, aims to increase the value of its overseas assets to 10 percent of total assets, according to Liu Zhenya, its general manager.

Speaking on Saturday at the 18th National Congress of the Communist Party of China, Liu said all its investments overseas had so far been successful, and that its "going global" strategy would be remain a priority for State Grid.

To date, the company has invested $5 billion abroad and its total international assets are worth over $8 billion.

The company's returns on those assets have hit double figures, which is two to five times higher than those of its domestic investments, he said.

"Our goal is to make the value of our overseas assets reach 10 percent of our total assets.

"We now have total assets worth 2,300 billion yuan ($ 369 billion), and we will have invested a total of $30 to $50 billion by 2020," Liu said.

Copyright 1995 - 2010 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.